WINNIPEG, Manitoba -- The ICE Futures canola market added to its declines at midday on Friday despite little direction from comparable oils.

One trader said that long liquidation along with rain in the forecast for Argentina have helped the March canola contract break support earlier this week.

"It seems to me that over the last week or two that there's an increased awareness of some growers starting to do some new crop pricing," the trader said. "If (speculative funds) can't see a driver, something that's going to drive prices higher than these very high levels, that spec money is going to start to filter off the table and go somewhere else."

Chicago soyoil was down, but European rapeseed and Malaysian palm oil were both mixed. Crude oil was relatively steady amidst optimism that Chinese demand would rebound.

The Canadian dollar gained more than one-quarter of a U.S. cent compared to Thursday's close.

Nearly 16,640 canola contracts were traded as of 10:19 CST. 


 
   Price                     Change 
   Mar 817.50                dn 9.20 
   May 817.10                dn 8.80 
   Jul 819.90                dn 7.10 
   Nov 801.10                dn 6.30

Source: Commodity News Service Canada (news@marketsfarm.com)


(END) Dow Jones Newswires

01-20-23 1156ET